JK Tyre & Industries announced closure of its Qualified Institutional Placement (QIP) issue through which it has raised ₹500 crore, it said in an exchange filing.
The company's board approved the allotment of 1.44 crore shares of face value of ₹2 each to eligible institutions.
Issue price of the QIP was fixed at ₹345 per share, which is a 3.89% discount to the floor price of ₹358.
With this, the company's paid up equity share capital stands at ₹52.14 crore, while the total number of outstanding shares have increased to 26.07 crore.
The issue had opened on December 19.
HDFC Mutual Fund has been allotted the maximum portion of the shares issued under the QIP. Nearly a quarter or 23% of the QIP shares issued under the QIP have been allotted to the fund.
Kotak Mutual Fund, Nippon India AMC, Bandhan Mutual Fund, Quant Mutual Fund are some of the other funds that have been issued shares in the QIP for their various schemes.
| Fund | QIP Shares |
| HDFC MF | 23% |
| Kotak MF | 10% |
| Nippon Life | 15% |
| Bandhan MF | 7% |
| Quant MF | 9% |
| Aditya Birla Sun Life | 7% |
| ICICI Prudential MF | 14% |
| Kotak India Midcap Fund | 6.7% |
Shares of JK Tyre ended little changed on Friday at ₹382. The stock has doubled so far in 2023 with gains of 105%.
